Colorado Springs is planning to offer over $4 million in rebate incentives to attract a large renewable energy company known as Project Phoenix. This initiative represents the largest of four economic development agreements presented at the city council’s recent work session.
Project Phoenix Overview
Project Phoenix is described as a renewable energy company and manufacturer seeking to invest $587 million in Colorado Springs over the next decade. This investment will cover land purchases, building construction, and equipment acquisition if the city is selected as the company’s new location.
The proposed agreement includes a 10-year development plan offering a 1% rebate on construction materials and personal business materials, estimated to be worth around $4.2 million. This agreement is contingent upon Project Phoenix fulfilling its proposal to create 378 jobs in Colorado Springs, with an expected average annual wage of $105,500.
Water Usage Concerns
While the new facility is projected to have a relatively high water consumption—estimated at 412,000 gallons per day—Colorado Springs Utilities has assured the council that they can meet this demand without issue.
Additional Economic Development Agreements
In addition to Project Phoenix, three smaller economic development agreements were presented:
- Project All Natural: This nutritional health products developer plans to create 41 jobs over the next decade, with an average annual wage of $145,000. The company would receive up to $11,500 in rebates, contingent on creating 19 jobs in the initial four years and maintaining 41 jobs over the project’s lifetime. All Natural was recently approved for up to $74,000 in state tax incentives by the Colorado Economic Development Commission.
- Project Diamond: This international software company specializes in cost-efficient nanosatellites and is looking to establish a base in the U.S. to pursue government contracts. Their agreement requires them to create 36 jobs within the first four years, with potential rebates of up to $198,225 if they meet local job development goals. Project Diamond expects to create 61 jobs over five years with an average annual wage of $80,000 and has already received $759,000 in state incentives.
- Project Thunder: Currently operating in Colorado Springs, this food manufacturing company is expanding to create new food products. The proposed agreement requires the creation of 20 new jobs over four years, with rebate incentives of $97,500. Project Thunder plans to invest $18 million in its new facility, offering an average wage of $60,000 for the new positions.
Upcoming Vote
All four development agreements are set to return for a final vote on the consent calendar at the Dec. 10 city council meeting. These initiatives highlight Colorado Springs’ commitment to fostering economic growth and attracting renewable energy investments.
Sources
- Colorado Springs City Council Meeting Agenda
- Colorado Economic Development Commission – Recent Approvals
- Project Phoenix Investor Announcement
